(a) "Insurer" means any insurance company or other insurer
licensed to do business in this state. This includes, but is not
limited to, any domestic insurer as defined in section six, article
one of this chapter and includes any domestic stock insurance
company, mutual insurance company, reciprocal insurance company,
farmers' mutual fire insurance company, fraternal benefit society,
hospital service corporation, medical service corporation, dental
service corporation, health service corporation, health care
corporation, health maintenance organization, captive insurance
company or risk retention group.

(b) "Impaired" means a financial situation in which, based
upon the requirements of this chapter for the preparation of the
insurer's annual statement, the insurer's assets are less than the
insurer's liabilities and the required reserves together with the
insurer's minimum required capital and minimum required surplus as
required by this chapter to be maintained to transact the type of
business for which the insurer is authorized by this chapter to
transact.

(c) "Chief executive officer" means the person, irrespective
of their title, designated by the board of directors or board of
trustees or other similar governing body of an insurer as the
person charged with the responsibility and authority of
administering and implementing the insurer's policies and
procedures.

Note: WV Code updated with legislation passed through the 2016 Regular Session
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